[Form 4] Perella Weinberg Partners Insider Trading Activity

Rhea-AI Filing Summary

Robert K. Steel, a director of Perella Weinberg Partners (PWP), reported transactions on 09/02/2025 exchanging PWP OpCo units and Class B-1 common shares for Class A common stock. The filing shows an exchange that resulted in acquisition entries of 197,000 Class A shares (and 197 Class A shares in a separate line) at $0 and conversion of 197,000 Class B-1 shares into Class A at a conversion rate of 0.001 Class A per Class B-1 share. After the reported transactions, Mr. Steel beneficially owned 310,457 and 310,654 Class A shares on two reported lines and held derivative and unit-related positions tied to 198,083 underlying Class A shares. The report reflects internal reorganizations and unit-to-share exchanges, not purchases for cash.

Positive

• Conversion increased public Class A reporting, clarifying insider ownership in tradable shares
• Transactions were non-cash structural exchanges, indicating internal reorganization rather than market sales

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director exchanged partnership units and Class B-1 shares into Class A common stock through internal exchange mechanics.

The Form 4 documents a non-cash structural exchange rather than an open-market purchase or sale. The transactions appear to reflect conversion and internal allocation steps tied to PWP's partnership units and Class B-1 share conversion rules, including a 0.001 conversion rate for Class B-1 to Class A. This is consistent with corporate governance mechanisms for converting economic interests into publicly tradable Class A shares and follows the described internal reorganizations (Division and Merger). For investors, these are ownership-formatting actions that change share class composition but do not indicate cash-funded insider buying or selling pressure.

Securities Analyst

TL;DR: Transaction is an exchange of units/shares resulting in additional Class A share reporting; not a market transaction.

The filing lists material quantities: 197,000 units exchanged resulting in corresponding Class A share entries and 198,083 underlying Class A shares referenced for derivatives/units. The recorded prices for certain entries are $0 or de minimis ($0.02 for a small converted amount), indicating conversion mechanics rather than valuation-based trades. The report also explains prior internal reorganizations allocating interests among related partnerships. The net effect is a reclassification of ownership into Class A shares, which may increase publicly reported insider Class A holdings but does not reflect cash transfers or changes in economic interest per the remarks.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

STEEL ROBERT K

(Last) (First) (Middle)

767 FIFTH AVENUE

(Street)

NEW YORK NY 10153

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Perella Weinberg Partners [ PWP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/02/2025		M(1)		197,000	A	$0	310,457	D
Class A Common Stock	09/02/2025		M(1)		197	A	$0	310,654	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B-1 Common Stock	(2)	09/02/2025		M(1)			197,000	(2)	(2)	Class A Common Stock	197	$0.02	198,083	I	PWP VoteCo Professionals LP
PWP Holdings LP Common Units	(3)	09/02/2025		M(1)			197,000	(3)	(3)	Class A Common Stock	197,000	$22.26	198,083	D

Explanation of Responses:

1. Reflects an exchange of PWP OpCo Units (as defined below) for an equal number of Class A Shares (as defined below). In connection with the exchange, an equal number of Class B-1 Shares (as defined below) were surrendered to the Issuer and converted into Class A Shares at a conversion rate of 0.001 Class A Share for one Class B Share.

2. Concurrently with an exchange of PWP Holdings LP Common Units (which represent Class A partnership units of PWP Holdings LP) ("PWP OpCo Units") for shares of Class A common stock ("Class A Shares") or cash by a PWP Holdings LP unitholder ("Unitholder") who also holds shares of Class B-1 common stock ("Class B-1 Shares"), such Unitholder will be required to surrender to the Issuer a number of Class B-1 Shares equal to the number of PWP OpCo Units exchanged, and such Class B-1 Shares will be converted into Class A Shares or, at the option of the Issuer, for an equivalent amount of cash, which will be delivered to such Unitholder at a conversion rate of 0.001 Class A Share for one Class B-1 Share.

3. Subject to certain lock-up periods, PWP OpCo Units, upon the surrender of an equal number of Class B-1 Shares, may be exchanged for Class A Shares on a one-for-one basis or, at the option of the Issuer, for an equivalent amount of cash. PWP OpCo Units do not expire.

Remarks:

The PWP OpCo Units and Class B Shares reported herein were previously held directly by PWP Professional Partners LP ("Professional Partners"). Professional Partners was an aggregator partnership through which certain partners held interests in PWP Holdings LP ("PWP OpCo"), the entity through which the Issuer holds its advisory business. On December 31, 2023, as part of an internal reorganization and in accordance with Section 17-220 of the Delaware Revised Uniform Limited Partnership Act (the "Act"), Professional Partners was divided into: (i) PWP VoteCo Professionals LP ("VoteCo Professionals"), (ii) PWP AdCo Professionals LP ("AdCo Professionals") and (iii) Professional Partners, which was the "surviving partnership" under the Act (the "Division"). Professional Partners changed its name to PWP AmCo Professionals LP in connection with the Division. In the Division, (i) Class B-1 Shares previously held by Professional Partners were allocated to VoteCo Professionals, and (ii) PWP OpCo Units previously held by Professional Partners were allocated to AdCo Professionals. On April 1, 2024, as part of this internal reorganization, AdCo Professionals merged with and into PWP OpCo (the "Merger"). This Division and Merger did not involve any purchase or sale of Issuer securities or change in pecuniary interest by the reporting person.

	/s/ Mark Polemeni, as Attorney-in-Fact	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Robert K. Steel report on Form 4 for PWP?

He reported exchanges on 09/02/2025 converting PWP OpCo units and Class B-1 shares into Class A common stock, including 197,000-unit exchanges.

Did the Form 4 report open-market purchases or sales of PWP stock?

No. The filing reflects non-cash exchanges and conversions, not cash purchases or public market sales.

How many Class A shares resulted from the reported exchanges?

Entries show acquisitions tied to 197,000 units and related entries indicating underlying totals such as 198,083 and reported beneficial ownership figures of 310,457 and 310,654 Class A shares.

What conversion rate applied to Class B-1 to Class A shares?

Conversion rate stated is 0.001 Class A share for one Class B-1 share.

Were these transactions related to any reorganization?

Yes. The remarks describe an internal Division and Merger reallocating interests among VoteCo Professionals, AdCo Professionals, and others, and state no change in pecuniary interest occurred from that reorganization.